Hello Wootfi.com Visitors Today We Covered FXTM Review. Please Read Our All review to know more about FXTM Broker.
About FXTM
FXTM is an established and award-winning market maker/ECN broker offering trading on Forex, commodities, metals, stocks, and indices. FXTM’s trading costs are higher than average on its two commission-free accounts, with spreads starting at 1.5 pips on the EUR/USD. However, trading conditions improve significantly on its Advantage Account, with spreads starting at 0 pips on the EUR/USD in exchange for a reasonable commission, but a high minimum deposit of 500 USD.
FXTM offers support for both the MT4 and MT5 platforms in addition to its proprietary FXTM Trading App, and a wide range of trading tools, including a VPS hosting service. FXTM excels in its education and market analysis sections, with a good overview of Forex trading in its guides and tutorials. In addition, its daily market analysis will help beginners understand the real-world implications of news events on the Forex market and where trading opportunities lie. Beginner traders will also benefit from FXTM’s unique copy trading platform, which allows traders to copy the trades of strategy providers.
FXTM at a glance
| Minimum Balance | $10 |
| Leverage | Up to 1:2000 |
| Account currency | USD, EUR, GBP, NGN |
| Year Founded | 2011 |
| Publicly Traded (Listed) | Yes |
| Bank | Yes |
| Mobile App | Available |
| Customer Support | Phone, email and live chat support 24/7. In person at local branches. Support also available via text, Facebook Messenger, Twitter direct message, Apple Business Chat and Amazon Alexa. |
| Regulation | Cyprus (and license from South Africa), UK, Mauritius |
| Official Website | Click Here To Visit |
How To Create Account At FXTM
FXTM offers many different account types with no minimum deposit requirements, which means US citizens of all financial backgrounds can sign up.
FXTM Fees
According to this FXTM broker review, FXTM is a transparent platform where all the fees, trading costs, and commissions are mentioned on the official website. FXTM is a good broker to trade with, but traders must consider the spreads as they may fluctuate during certain periods depending on the market conditions.
Let us now learn more about the deposit and withdrawal options offered by FXTM, followed by trading and non-trading fees, FXTM commissions, & more.
FXTM Deposit Methods
FXTM strives to offer the most secure and fastest deposit options, which include bank cards, bank transfers, bank statements, and secure bank wire e-wallets. The platform is regulated, has multiple jurisdictions, and is authorized to operate across several jurisdictions across 180 countries. FXTM brokers must include various deposit options to cater to a wider community section. Traders can use the following deposit method at FXTM:-
- Credit cards, including Visa, MasterCard, Maestro
- E-wallets, including Skrill, Neteller, and DotPay
- Bank Transfers via Hellenic Bank account
FXTM Withdrawal Methods
Like most brokers, Traders at FXTM can withdraw funds on the same business day using any of the withdrawal options used to deposit funds at the platform. To withdraw money from FXTM, traders can use the following withdrawal methods:-
- Credit cards, including Visa, MasterCard, and Maestro
- E-wallet including Skrill and Neteller
- Bank Transfer/Bank wires
Most withdrawal methods guarantee processing the withdrawal request on the same day, except the Skrill withdrawal method may take 1-2 business days to complete. But overall, to withdraw money & the bank transfer process is smooth.
FXTM Fees and Commissions
- FXTM, a mobile trading platform, accepts clients from various countries and supports the following currencies – USD, EUR, and GBP. Note that FXTM does not charge any deposit fees or commissions, which makes the social trading platform one of the most desirable options in the market, as per our research and FXTM review. In addition to this, FXTM does not charge any forex fees or non-trading fees & trading costs are reasonable.
- Unlike the deposit fee, FXTM charges a withdrawal fee for certain payment methods/funding methods. For instance, withdrawals made via credit cards may incur a withdrawal fee of 2 EUR/3 USD/2 GBP, and bank wire transfers may charge 25 GBP/20 EUR for making withdrawals. So most withdrawal types are not free.
- Apart from the deposit and withdrawal fees, FXTM charges an inactivity fee if an account is deemed inactive. FXTM applies an inactivity fee of 5 USD/EUR/GBP if a social trading account or demo account remains inactive for a period of six months or more. The platform also reserves the right to charge broker fees of 3% if there is no trading activity at the platform.
FXTM Platforms
FXTM offers two award-winning trading platforms; MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both terminals can be used as web-based profiles or downloaded to desktop devices (Windows and Mac compatible).
For many retail clients worldwide, these are the go-to platforms for trading, with an excellent reputation. And after using both platforms, we are confident they are suitable for new and experienced investors, with MT5 the better pick for seasoned traders.
Mobile Apps
FXTM investors should feel confident that trading opportunities are not halted while on the move. MetaTrader 4 and MetaTrader 5 both offer mobile-compatible apps, available for free download to iOS and Android (APK) devices.
Users can manage accounts, open and close positions, check live global pricing and view charts while on the go. All the tools, features and functionality found on PC devices can be used within a sleek, intuitive yet portable design.
Additionally, the broker has introduced FXTM Trader – an investment app designed to modernize the trading experience. Similar to MT4 and MT5, this proprietary app is offered in both iOS and Android formats. When we used the bespoke FXTM app, we were impressed with its smooth design with small-screen compatibility including zoom and scroll features. Functions include:
- One-click trading
- Live pricing updates
- Full account management
- Trade across multiple devices
- Open, close and modify positions in seconds
- Monitor your favourite instruments at a glance
- Advanced charting tools and access to popular indicators
- A trading dashboard with details on balance, margin, profit and more
Regulation & Licensing
As outlined above, the FXTM brand is regulated and authorized by several global financial bodies:
- Forextime UK Limited – (www.forextime.com/uk) is authorized and regulated by the Financial Conduct Authority (FCA), firm reference number 777911
- Exinity Limited – (www.forextime.com) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295
- ForexTime Limited – (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614
High Grade Features Which Offer By FXTM
Multiple trading platforms
FXTM offers both the MetaTrader 4 and 5 platforms, as well as its own proprietary platform, FXTM Trader.
Wide range of instruments
FXTM offers a diverse range of financial instruments, including currency pairs, indices, commodities, and cryptocurrencies.
Competitive spreads
FXTM offers some of the most competitive spreads in the industry, allowing traders to trade with lower costs.
Negative balance protection
FXTM provides negative balance protection to ensure that traders’ accounts cannot go into debt.
24/7 customer support
FXTM provides 24/7 customer support via live chat, email, and phone to help traders with any questions or concerns.
Educational resources
FXTM offers a comprehensive education center with articles, videos, webinars, and e-books to help traders improve their skills and knowledge.
Secure and reliable trading environment
FXTM uses advanced security measures and follows strict regulatory requirements to ensure the safety and security of traders’ funds.
Fast and efficient deposits and withdrawals
FXTM offers fast and efficient deposit and withdrawal options, including credit/debit cards, bank transfers, and e-wallets.
Pros & Cons Of FXTM
| PRO | CONS |
|---|---|
| One of the FXTM pros is that it is well-known, regulated, and licensed by top-tier regulators. | It is no longer a cryptocurrency trading platform. |
| FXTM provides quality educational content and market research for beginners. | Relatively fewer security measures. |
| PAMM managed accounts along with no deposit fees. | Do not have own trading platform. |
| Upgraded trading platforms, including MT4, MT5, and proprietary mobile trading FXTM app |
FXTM Review Conclusion
In conclusion, FXTM is a well-established and reputable forex broker that offers a wide range of high-quality features for traders. Whether you’re a seasoned trader or just starting out, FXTM offers a secure and reliable trading environment, competitive spreads, and a wide range of educational resources to help you improve your skills and achieve your trading goals.
With fast and efficient deposit and withdrawal options, 24/7 customer support, and a commitment to regulatory compliance, FXTM is a great choice for traders who are looking for a trusted and dependable forex broker. If you have any questions or concerns, you can contact their customer support team for more information.
Frequently asked Questions
What is FXTM?
FXTM is a forex broker that offers a wide range of financial instruments, including currency pairs, commodities, indices, and cryptocurrencies, for trading on its platform.
Is FXTM a regulated broker?
Yes, FXTM is regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the International Financial Services Commission (IFSC).
What are the trading conditions offered by FXTM?
FXTM offers competitive spreads and leverage up to 1:30 for retail traders, and up to 1:500 for professional traders.
How can I deposit or withdraw funds from my FXTM account?
FXTM offers several options for depositing and withdrawing funds, including credit/debit cards, bank transfers, and e-wallets.
